Our speakers, from VanCity, Monina Selga and Edi Soehardi, of VanCity, spoke to our group about monthly management of our finances and about how to improve our financial well-being  over the long term.This meeting was intended primarily for our young people, and covered the basics of spending within our income, making wise choices with our money, credit card management, and record keeping methods. The more our youth learn now about managing their financial affairs, the more capable they will be to do so when they are fully on their own!

Financial Planning Budgeting Tips

Points to Remember:

• Pay yourself first
• Keep receipts and check them against your bank statement
• Use funds for their intended purpose
• Pay off your credit card balance monthly (interest rates can range from 19.5-30%)
• Beware of scammers & fraud
• Be cautious of buy now, pay later promotions

 Review your budget after the first month:

• Make sure that all income and expenses are listed
• Determine whether you have a Surplus or Deficit

Surplus – extra money that can be saved or invested

Deficit – money that needs to be made up by cutting expenses

• Continue tracking income & expenses to ensure a Balanced Budget

Three Month Budget Review:

• Look for trends

Surplus continues – put extra money toward long term goals, ie, savings, retirement, education, vacation

Deficit continues – look for other sources of income, overtime, second job – or reduce expenses

• Examine your results against your long term goals

Are you progressing toward your goals?

How are your needs being met – the things you must have?

Don’t Give Up:

• Improving your financial situation does not happen overnight
• Continue listing your detailed income & expenses
• Review your bills and statements regularly
• Adjust your budget to reflect changes in income and changes in goals
• This is your plan; you can always update it, but keep focused on your long term goals & dreams

 Tips to Successful Budgeting:

• Know why you are budgeting
• Have a specific long term goal in mind
• Keep a written budget
• Know how much you actually make
• Make sure your budget data is complete and accurate
• Use bank accounts with budgeting tools
• Enlist the support of at least one person you trust
• Set a few short term goals, in addition to your long term goals

 Resources:

• Canadian Bankers Association – http//www.cba.ca/en/consumer-information
• Moneysense magazine and website
• Financial Consumer Agency of Canada budget calculator – http//itools-ioutils fcac-acfc.gc.ca/BC-CB/NetInc-RevNet-eng aspx
• Your financial association.

Monthly Budget Template